Public bidding can be divided into continuous bidding system and single price system.
The continuous bidding system refers to the public bidding in which traders express their requirements for buying and selling contracts through gestures and shouting in the trading pool of the exchange. Like the lively scene of the exchange we saw in Hong Kong films, it is very atmospheric. This traditional way is popular in European and American futures markets. Monovalence refers to dividing each trading day into several intervals, and a contract in each interval has only one price. This bidding method is quite common in Japan.
2. Computer matching trading mode
After the popularization of computer technology, exchanges all over the world have changed their ways and adopted computers instead of the original open bidding method. Computer matchmaking transaction is an automatic transaction method designed according to the principle of open bidding, which has the advantages of accuracy, continuity, high speed and large capacity. This trading method is widely used in China's futures exchanges, and the automatic matching system sorts the buying and selling orders according to the principle of "price first, time first". However, both the opening price and closing price were generated in call auction, and call auction adopted the principle of maximum transaction. At which price, the volume is the largest, then this price is the opening price and closing price. The opening price of call auction shall be made within 5 minutes before the opening of the trading day, in which the first 4 minutes are the time for trading declaration, and the second 1 minute is the time for call auction matchmaking. The opening price shall be generated at the opening of the trading day. The closing price of call auction shall be conducted within 5 minutes before the closing of the trading day, in which the first 4 minutes shall be the trading declaration time, and the second 1 minute shall be the call auction matching time, and the closing price will be generated at the closing time.